<p>how much can a student take out for a student loan generally without having a job, and without having a parent co-sign? considering his college gpa is about a 3.5/4.0 and they will be a sophomore this upcoming year?</p>
<p>What’s your credit like?</p>
<p>no credit whatsoever</p>
<p>Well no credit is better than bad credit, but you really do need to start. The actual amount you can get will depend on the lendor and with no credit history it’s not going to be much, if they accept you at all. </p>
<p>I’m also going to be a sophomore and I opened a student checking account and a credit card from bank of america back in June 06. I used it for general spending and never carried a balance (the interest rate was 19%) and as of the start of this month I had a credit score of about 700. This isn’t great, but it’s better than nothing. I would suggest as soon as possible go get a credit card any way you can (direct from bank, retail store, etc…) to create a credit history. How long you have had credit is actually a part of your credit rating and can be increased simply by having a credit card. Showing that you have a credit card and can use it responsibly may make lenders feel a little better about you than no credit at all.</p>
<p>Some people will suggest keeping a balance on your card to increase your credit score faster, however many consider this to be bad advice and very costly for no real benefit (in fact having a large balance can count against you). Even if you don’t use it very much, every month you have a credit card will be raising you credit score which is used for not just student loans but getting an apartment or even applying for a job.</p>
<p>As for the exact amount, the only way I know for finding that out is to just apply for a student loan and see what one lender gives you. Lender will actually look at the borrower’s expected future income so if you are in the medical field, law, etc… you may be able to get a loan on your own, but it will be tough. If you had some sort of a job you may get more, but as you are unemployed with no credit there really is a high chance that you will get denied completely for a private loan.</p>
<p>Just a quick warning, stay away from lending companies that offer private loans with no credit check as that’s not really possible given the fact that private loans aren’t government backed. A person with bad credit could cause a lot of headaches for a lending company, in spite of the fact that student loans can’t be cleared by bankrupcy.</p>
<p>idk what to do then</p>
<p>Well how much do you need after stafford loans?</p>
<p>the most we can take out by ourselves is the pell grant which is 4500 right?..id need probably 10k, part of it is to cover living expenses also</p>
<p>
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<p>Talk to the bank. Consider whether your parents our sweet old Aunt Nelly will help you and co-sign.</p>
<p>Theres your start.</p>
<p>After the term is up get yerself enough jobs to work 80 hours a week. And get another part timer for on the weekends. Scrimp and save.</p>
<p>If you can’t swing it, then there are all kinds of other choices for u. Good luck</p>
<p>Cross posted with you. Pell Grant is FREE Money.</p>
<p>OOPS sorry, you said you could not get parents to co-sign. There is still Aunt Nelly. Or Grandma.</p>
<p>Let me ask you this Jayhawk. Did you know that you only had enough greenbacks for the Freshman year? Is this a sudden event where you now lost your benefactor (whether it be school or your parents)?</p>
<p>can you rephrase that last post pjp?</p>
<p>Its really none of my business anyway. I was just curious, if your financial problem is something that rose up suddenly, or did you know you would be secure in your financial picture for Fresh year but have a shortfall as you lined up things for your Sophomore year. Did you lose a scholarship, or is your package different for your second year, or perhaps your parents have decided they are not footing the college bill??? Maybe you are an athlete that had seemingly a full or near full ride which was cut back by an injury?</p>
<p>The only reason for my curiosity is that while I have had to do some preplanning for my sons next 4 years, I have escalated the tuition and R & B charges at approx 5 - 6% per year, he doesn’t get a lot of aid (Ha, he gets VERY DARN LITTLE), but am curious to hear stories of how different aspects of the Finaid picture can have affects on these plans.</p>
<p>no im transferring</p>
<p>there are multiple types of student loans – have you received your FA package yet? What is your EFC and what is the cost of attendance at the school you want to transfer to?</p>
<p>Jayhawk - the Pell grant is not a loan - it is a grant i.e. it does not have to be repaid. But it is based on financial need and you have to qualify for it based on your FAFSA EFC (if EFC is 0 you would qualify for the full $4310 but as your EFC goes up Pell goes down - the minimum being around $400 with an EFC of @ 4000).</p>
<p>There are so many different student loans ranging from need based subsidised federal loans where you pay no interest until you graduate/quit college, to unsubsidsed federal loans to private loans. Federal student loans do not generally require credit checks. The answer to your question depends largely on what type of loans you are eligible for. Have a look at finaid for some more detailed information.</p>
<p><a href=“http://www.finaid.com/loans/[/url]”>http://www.finaid.com/loans/</a>
<a href=“http://www.finaid.com/loans/studentloan.phtml[/url]”>http://www.finaid.com/loans/studentloan.phtml</a></p>
<p>thanks swimcatsmom, i knew that the pell grant was free money, i was thinking of the perkins loan</p>
<p>neither the perkins nor the stafford loans require a co-signer – so that is money you can borrow.</p>
<p>The amount of your perkins loan is determined by what you school awards you in the FA package. Stafford loans have a maximum depending on what year you are in school.</p>
<p>Are you looking for more loans than you can get with Stafford and Perkins? Are you also doing work-study and a summer job?</p>